Final answer:
NH3 in the reaction with water is acting as a base because it accepts a proton from H2O and is also a reactant as it undergoes change.
Step-by-step explanation:
In the reaction NH3(aq) + H2O(l) ⇌ NH4+(aq) + OH−(aq), NH3 is acting as a base. This is because NH3 accepts a proton (H+) from H2O, which is acting as an acid in this context. Accordingly, NH3 can be classified in this reaction as a reactant because it is a substance that is undergoing change during the reaction. Therefore, the answer to the given question is that NH3 is both a reactant and a base.